TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETSCentral

Section 68 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 in hindi

Notwithstanding anything contained in this Chapter, where a declaration has been made by misrepresentation or suppression of facts, such declaration shall be void and shall be deemed never to have been made under this Chapter.

Summary

A voluntary disclosure is cancelled if the person lied or hid important information.
When a person misrepresents facts, the declaration is considered void, which means it has no legal effect.
The law treats a void declaration as if it was never even submitted.
This rule applies regardless of any other protections mentioned in the compliance chapter.

Practical examples

1Arjun declares a foreign house but claims he bought it with an inheritance. The tax office later finds he actually used money from an illegal business to buy it. Because he misrepresented the source, Section 68 makes his entire declaration void.

2Priya declares a bank account but "suppresses" (hides) the fact that she is only a part-owner and another person is the main owner. Because she suppressed these facts, Section 68 treats her declaration as if it never existed.

FAQ

1. What happens if I lie in my declaration under Section 68 of The Black Money Act, 2015?

According to Section 68 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, if you misrepresent facts, the declaration will be void.

2. Does "suppression of facts" matter for a declaration under the Black Money law?

Yes, Section 68 states that any declaration made by suppressing facts is deemed never to have been made.

3. Can a declaration be voided even after I have paid the tax under Section 68 of the Act?

Yes, Section 68 applies notwithstanding anything else in the chapter, meaning misrepresentation makes it void regardless of payment.

Test yourself

Q1.Under Section 68 of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, what makes a declaration void?

Q2.What is the legal status of a declaration found to be void under Section 68 of the Black Money law?

Q3.Under Section 68 of the Act, if a declaration is void, can the person still get immunity from prosecution?

Q4.Does Section 68 of The Black Money Act, 2015, require "intent" to be proven for a declaration to be void?

67PreviousSection 67 Declaration not admissible in evidence against declarant.69NextSection 69 Exemption from wealth-tax in respect of assets specified in declaration.

←Section 67 Section 69→